美联储降息预期升温 白银价格刷新历史新高

Core Insights - The U.S. private sector employment decreased by 32,000 jobs in November, reinforcing market expectations for an imminent interest rate cut by the Federal Reserve, which has led to a surge in the precious metals market [3][9] - Silver prices reached an all-time high of $58.972 per ounce, with significant investor interest reflected in a 200-ton increase in silver-backed ETF holdings, marking the highest level since 2022 [3][9] Precious Metals Market - The expectation of interest rate cuts and supply concerns have strengthened the precious metals market, particularly silver [5] - The rise in silver prices has attracted investors, as evidenced by the substantial increase in ETF holdings [3][9] Base Metals Market - The London Metal Exchange (LME) three-month copper price surged nearly 3% to a record high of $11,435 per ton, while the Shanghai Futures Exchange's main copper contract also reached a historic level of 90,000 RMB per ton [5][11] - The volatility in copper prices is attributed to global supply chain tensions and inventory imbalances, with COMEX copper inventories exceeding 400,000 tons, a 300% increase from the previous year [5][11] - The ongoing supply chain pressures are exacerbated by factors such as stagnant production growth in Chile, delays in African project developments, and export restrictions from Indonesia [5][11] Market Dynamics - The simultaneous rise in prices of gold, silver, and copper indicates that investors are actively seeking asset diversification based on interest rate cut expectations and considerations of the dollar's purchasing power [6][12] - Morgan Stanley predicts that supply disruptions and inventory mismatches could drive copper prices to $12,500 per ton by mid-2026 [5][11]